Claims

A.M. Best affirms LAWPRO’s ‘A’ rating, changes outlook to negative

A.M. Best Co. has affirmed the financial strength rating of A (Excellent) of Lawyers’ Professional Indemnity Company (LAWPRO), but changed its outlook from stable to negative on the basis of an increased loss ratio and a one-time re-evaluation of reserves based on the projected impact of the HST.LAWPRO is a wholly owned subsidiary of the […]

By Canadian Underwriter | March 26, 2010

1 min read

Claims

Onus is not on an insurer to prove the lack of a settlement agreement: FSCO

The Financial Services Commission of Ontario (FSCO) has reversed an arbitration decision that placed the onus on an insurer to prove that a disputed settlement offer of $17,000 had not been agreed upon.In Allstate Insurance Company of Canada and Edna Klimitz, FSCO director delegate David Evans found the onus to prove the existence of an […]

By Canadian Underwriter | March 25, 2010

2 min read

Claims

Quebec regulator cancels registration of two firms; fines two more

The Autorité des marches financiers (AMF) has cancelled the registration of two insurance firms and fined two others.The Quebec regulator cancelled Hampstead Cameron inc., a damage insurance firm’s registration, when Pierre Fecteau, the firm’s responsible officer, allegedly “made misrepresentations or provided information that could have misled clients,” an AMF release said.Fecteau was also the responsible […]

By Canadian Underwriter | March 24, 2010

1 min read

Claims

B.C. Appeal Court orders ICBC to pay damages for injury sustained when vehicle is used to commit a crime

B.C.’s Appeal Court has ordered the province’s public insurer to pay damages to a claimant who was injured by a van used to snatch her purse.Shirley Jane Hannah made a claim against the Insurance Corporation of British Columbia (ICBC) for damages due to an injury she sustained in a supermarket parking lot in January 2003. […]

By Canadian Underwriter | March 24, 2010

2 min read

IBC encourages flood mitigation techniques in Manitoba

Canada’s home, business and auto insurers are doing public education in Manitoba, noting The Red River is expected to peak in Winnipeg in early April, two weeks earlier than usual. “While it is predicted that recent warm, dry weather and early spring run-off will result in average or below-average water levels similar to 2006, there […]

1 min read

Guy Carpenter predicts increased hurricane landfall rate in Northeast U.S.

Guy Carpenter’s 2010 forecast hurricane landfall rate for the Northeast region of the U.S. is more than double the average landfall rate for the region.GC ForeCat, a product developed by Guy Carpenter in collaboration with WSI Corporation, provides pre-season hurricane (and associated tropical cyclone) landfall forecast rates for different regions along the United States coastline. […]

1 min read

Second Catlin Arctic Survey underway

After nine months of planning, two teams have set off on the Catlin Arctic Survey 2010. Both the Explorer Team and the first of the Ice Base personnel left Resolute, Nunavut on a flight out to the floating ice sea of the Arctic Ocean. The researchers are investigating the effects of carbon dioxide on the […]

1 min read

$26 billion in catastrophe losses in 2009: Swiss Re

Natural catastrophes and man-made disasters cost insurers $26 billion and claimed roughly 15,000 lives in 2009, according to Swiss Re. Insured losses were below average due to a calm US hurricane season, reported the sigma study, Natural catastrophes and man-made disasters in 2009.Of the cost, natural catastrophes totalled $22 billion, while man-made disasters totalled $4 […]

1 min read

Group disability benefits can be deducted from income replacement benefits: FSCO

An Ontario arbitration decision has once again raised a question about the deductibility of collateral benefits. This time a decision determined that long-term benefits received from a group disability insurance plan underwritten by Sun Life can be deducted from income replacement benefits underwritten by The Co-operators.In making the decision, Financial Services Commission of Ontario (FSCO) […]

2 min read

What’s New: In Brief (March 11, 2010)

A 48-year-old Sault Ste Marie resident has been charged with five courts of fraud and five counts of theft after allegedly misappropriating client’s funds as an insurance agent. As of press time the allegations have not been proven in a court of law. Jeffrey McWhinney was arrested and charged on Mar. 9 by Sault Ste. […]

2 min read